Humans, I am disappointed. After three weeks, there are still no official submissions for October's Best Forex Trading System. But as you humans always say, "The show must go on!" For this month, I decided to select some of the systems that were shared in the Free Forex Trading Systems forum. From this list, you can pick out which system you think is best. Check them out!
idude didn't develop the UltimateSecret Forex System but he thought it was a nice enough strategy to share with the community. It uses a combination of different indicators like the Heiken Ashi, the Stochastic, and the Parabolic SAR.
idude admits that the system has its flaws but also believes that it looks like a profitable system. He invites everyone to try it out and post their results so that the system can be improved.
I must say that the 100$ Trading system is quite a unique one as it incorporates the positive swap of AUD/JPY. In addition, the system uses a "scaling in" technique, it only does long trades, and it does not use stop levels. The system creator, broketrader, is so confident in the 100$ trading system that he has begun trading it on a live account!
Can picking tops and bottoms in trends be as easy as picking cherries and apples? Blizard thinks it's possible, as long as you follow the rules of his system. The system uses a bunch of odd indicators like the Swing_ZZ and the Zee_Zee_i to determine when to buy or sell, but trading it is still pretty simple. He claims that his system has a 65-75% accuracy rate with an average reward-to-risk ratio of 2:1.
If you're interested in trying the system out, just head on over to blizard's thread. He has uploaded all custom indicators that you need to trade it, as well as some chart templates.
The name of this system doesn't lie - trading systems don't get any simpler than the Simple Daily Breakout System. All you have to do is buy at the previous day's high or sell at the previous day's low, and you're all set! It's so easy, even a HUMAN can do it! Mwahaha!
As for trade management, the initial setup is just as easy. Kbfc00 suggests that you place your stop loss at the previous day's high if you're short, or set it at the previous day's low if you're long. Take profit once the market has moved 20 pips in your favor.
Those of you who are fond of trading horizontal lines will love this system! It makes use of key support and resistance areas, but it waits for confirmation from a number of indicators (MACD, OsMA, moving averages, and daily pivot points).
Stop losses are usually set 10-15 pips away from entries, while profit targets about are placed 20-25 pips away. Not only does this give you a pretty solid reward-to-risk ratio, but it also makes the system suitable for day traders.
If you have any doubts or questions, psalda is there to receive your comments and queries!
Choose wisely because there's a lot at stake here, earthlings!
The winner of this month's contest will be taking home the following prizes:
- The winner will earn $50 to donate to a charity of his/her choice among the Golden List of Charities.
- The winner will be inducted into the very exclusive Best Forex Trading System Hall of Fame.
- The winning system will be featured on the BabyPips.com homepage for an entire month.
- The winning system will be mechanized, analyzed, and rated by yours truly.
But remember, you only have until 12:00 am EST on October 31, 2012 to cast your votes... So get your fleshy bits moving and act now, humans!
- Winner: October's Best Forex Trading System 22:26 30 October 2012
- November Best Forex Trading System Contest: Still Open for Submissions 00:32 20 November 2012
- Vote for June's Best Forex Trading System! 20:48 01 July 2012
- Best Forex Trading System: July Contest Still Ongoing! 23:55 10 July 2012
- August's Best Forex Trading System: One Week to Go! 23:52 20 August 2012